NavigationProven SolutionsElectronic payment solutions for the RTO industry. RTO BlogMoneris has the rent-to-own story to tell on Capitol Hill
Posted February 12th, 2008 by mevans
I was at a small reception with the esteemed Congressman Ed Townes (D-NY) when I heard APRO President and Illinois rent-to-own dealer, Larry Carrico, talk about Moneris' "charge back" percentages for the rent-to-own industry as being amongst the best of the many industries that use Moneris' debit/credit card transaction service. While I had to stop Carrico to ask him to fully explain the inside, banking terminology, Congressman Townes smiled at me hoping somebody would explain as well so we could have context to the "charge back" story. Carrico quickly explained "insufficient funds," "a bad transaction due to the lack of money from the charge." "Oh!" I believe was the response from both Congressman Townes and myself when we both realized the significance of what Carrico was relaying from his earlier meeting with Moneris representatives and Congresswoman Melissa Bean. Basically, Moneris' charge back percentages from the rent-to-own industry or the lack-thereof, shows how financially responsible and savvy the rent-to-own customer is in the market. And Moneris' has the numbers and the context to prove so. Carrico explained how Rep. Bean's office was very surprised. (So was Congressman Townes.) And the story made the Congresswoman's staff re-think the rent-to-own industry and the rent-to-own customer. The image of the unsophisticated, helpless victim being financially crippled by the rent-to-own transaction was now a responsible, hard-working American who uses rent-to-own as their financial means of fundamental household needs and the path to an improved financial status. And, again, Moneris has the numbers to prove it. The Moneris story then helped again as Congressman Townes, a powerful New York City Congressman, became further empowered by the news as Rep. Townes just signed on to the Consumer Rental Purchase Agreement Act by Rep. William Lacy Clay that is being supported by the rent-to-own industry and he now felt even better about his support. Thank you Moneris but, ultimately, thank you to the three million hard working and financially responsible rent-to-own customers out there in America. Not only did Moneris have the insight to understand the importance of the rent-to-own industry's federal legislative campaign but they had the story that needs to be told. The rent-to-own industry has been telling the exact same story for 14 years on Capitol Hill but when it is told by a third-party financial institution in real numbers and real comparisons, it has a different ring and it did. Kudos to Moneris on many different levels. One for recognizing the rent-to-own customer and the rent-to-own industry and helping the industry continue to modernize their business and their services. Secondly, for recognizing the importance of federal legislation for the rent-to-own industry and helping in our campaign. And, lastly, for telling the rent-to-own story that needs to be told to Congress and to America. Take a New Look at Rent-To-Own...Continued
Posted February 9th, 2008 by rmay
The Association of Progressive Rental Organizations (APRO) represents the leaders and innovators of the rent-to-own industry in America and across the world
Through APRO, the rent-to-own industry’s trade association, and the American spirit of entrepreneurialism, the rent-to-own industry has spent the past thirty years modernizing its business and industry into a nearly $7 billion industry serving three million customers every year. Most Americans do not realize that the rent-to-own industry was created out of capitalistic thin air then catapulted into the economy in a short period of time creating a controversial, competitive and necessary industry for American consumers and the American economy.
Those controversial days of rent-to-own, though, are numbered. And, the APRO member rent-to-own companies are the ones to thank as they are leading the rent-to-own industry into the 21st century. Rent-to-own industry innovators that span the corporate leaders of Rent-A-Center and Aaron’s to the hundreds of independent and successful rent-to-own owners in everyday America, have conquered every obstacle posed before the industry to become today and tomorrow’s consumer option in the market.
There are two fundamental forces at work modernizing the rent-to-own industry. First one is the fierce competition amongst the industry that is raising customer service, improving business practices and lowering prices as each rent-to-own company tries harder to be better than their competitor. Ironically the second is that these fierce competitors are proud members of one family – the rent-to-own family where through APRO, rent-to-own leaders share their success stories to help build a better business for a better industry.
To exemplify both these dynamics, look at the introduction of Moneris into the rent-to-own industry through APRO. Electronic payments are quickly becoming industry standard in the market and Moneris is helping rent-to-own dealers enter this new technology with ease and savings. Moneris has already helped individual rent-to-own dealers save tens of thousands of dollars in debit card transaction fees that gives those rent-to-own operators a better market advantage than their competitors.
Yet at the same time, Moneris has joined the APRO family helping APRO promote rent-to-own’s value in the market and to the public. This website is a perfect example of the integrated branding and marketing business to business can implement that creates not twice the return but an exponential return. The future of business is a win-win-win situation. Rent-to-own is doing it with its customers, vendors and APRO while Moneris is doing so with its partnership with APRO, APRO members and the rent-to-own industry. While each individual company benefits, the industry as a whole benefits that, in return, helps the individual company – a win-win-win situation.
Business innovation has cemented the future of the rent-to-own industry. Technological innovation has cemented Moneris' future in the market. Combine the two and you begin to take a new look at business, at commerce and, in this instance, at rent-to-own.
Welcome!
Posted February 4th, 2008 by dave
Hello, and welcome to the RTO Information Portal, and the RTO Blog! My name is Dave Shelleny, Electronic Marketing Manager at Moneris Solutions. By building this site, we wanted to create a place where we can share ideas with fellow business owners, in addition to providing insightful knowledge about the RTO and electronic payments industry. We are happy to have partnered with APRO, the Official Voice of the Rent-to-Own Industry, who will also be providing content in addition to us and you. Because this is a collaborative effort, we'd like to hear your stories, thoughts and ideas. Submit your comments today, and lend your voice to our growing community! Sincerely, Dave |